Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- America Had ‘Quiet Quitting.’ In China, Young People Are ‘Letting It Rot.’ — Demoralized by a weak economy and unfulfilling jobs, young Chinese are dropping out, exploring spirituality and becoming more rebellious, presenting new challenges for Beijing.
- Earthquake in Northwestern China Kills More Than 100 People — Rescue workers in northwestern China were racing against time and freezing temperatures to find missing survivors from an earthquake that has killed more than 100 people and injured many more.
- There’s a Hot New Market in China: The Elderly — Multinational and local companies are changing products and marketing strategies to win over Chinese seniors.
The Financial Times
- China’s Xi calls for ‘all-out’ search after earthquake kills at least 118 — Rescuers race to find survivors as hundreds injured in mountainous region in north-western provinces.
- Taiwanese tech start-ups pile into Asean amid risks in China — From Singapore to Vietnam, companies tap south-east Asia in expansion drive.
- Opinion: In a disorderly decade, Asia will play a standout role for investors — Despite tension between the US and China, strong companies, strategic resources and less synchronised economies will draw funds. By Mansoor Mohi-Uddin
The New York Times
- Survivors Face Subzero Temperatures After Quake Kills Over 120 in China — The 5.9-magnitude earthquake struck Gansu Province around midnight.
- Chinese Traders and Moroccan Ports: How Russia Flouts Global Tech Bans — Using specialized e-commerce sites, secretive shipping workarounds and a constellation of middlemen, Russia has obtained the tech components it needs to keep its economy and war in Ukraine going.
- China Increased U.S. Election Influence in 2022, Intelligence Report Says — Chinese authorities tacitly approved operations in a handful of races, according to the report, which represents the intelligence agencies’ joint analytic assessment.
Caixin
- Chinese Shipping Giant COSCO Halts Red Sea Transit Amid Attacks — China COSCO Shipping Corp. Ltd. will suspend shipments through the Red Sea amid escalating attacks against commercial vessels in the area, joining its global peers and further raising some analysts’ concerns over disruption to global trade if the situation persists.
- Earthquake Kills Over 100 in Northwest China as Rescuers Work in Sub-Zero Temperatures — At least 118 people in Gansu province and neighboring Qinghai have been killed in a 6.2-magnitude earthquake that struck shortly before midnight Monday in Northwest China, with rescue efforts continuing amid sub-zero temperatures.
- Alibaba to Trim Investment in XPeng With $391 Million Sell-off — Taobao China, a subsidiary of Alibaba Group, is planning to reduce its stake in the electric car startup XPeng to cash in around $391 million.
South China Morning Post
- China-Europe container shipping rates soar as Red Sea attacks push firms to skip Suez Canal — Houthi militants have stepped up their involvement in the Israel-Gaza war, meaning ships face an extra 10 days at sea if they divert via the Cape of Good Hope instead of the more direct route through the Suez Canal.
- Jack Ma-backed fishery-and-agriculture company 1.8 Meters starts sale of seafood products via Alibaba’s Freshippo and Tmall — The online marketing drive by start-up 1.8 Meters marks another step in Alibaba founder Jack Ma’s efforts to branch out into agriculture and sustainable food production.
- China, Russia pave even stronger ‘financial track’ with a new deal enhancing trade vitality — Russian Prime Minister Mikhail Mishustin is back in China for the second time this year, and the neighbours’ latest trade deal involves greater oversight of capital flows and bonds.
Nikkei Asia
- China real estate crash would threaten goal of doubling GDP: report — Beijing’s response to property debt crisis will have far-reaching effects.
- Christmas ends early for Chinese exporters as Western demand slumps — U.S. and European customers seek price cuts, making domestic consumption more important.
- BNP Paribas hopes China wealth management arm to break even by 2026 — CEO of venture remains ‘cautious’ in face of foreign bank onslaught into market.
Bloomberg
- TSMC Chair Steps Down in Power Shift at Global Chip Linchpin — Taiwan Semiconductor Manufacturing Co. Chairman Mark Liu plans to retire in 2024 and cede his role to Chief Executive Officer C.C. Wei, handing the reins of the world’s most important chipmaker to a fellow engineering maven.
- Singapore Suspends Non-Bank, Non-Card Remittances to China to Curb Frozen Assets — Singapore’s regulator ordered remittance companies in the city-state to halt the use of non-bank and non-card channels when transmitting money to China, following a fund-freeze scare.
- US Says China Curbs ‘Dangerous’ Military Acts After Xi Met Biden — A top US defense official said China has stopped “dangerous” military actions in the air and at sea in the weeks since President Xi Jinping met with his US counterpart Joe Biden, suggesting tensions are easing.
Reuters
- Can China get its economic miracle back on track in 2024? — China’s disappointing post-COVID recovery has raised significant doubts about the foundations of its decades of stunning growth and presented Beijing with a tough choice for 2024 and beyond: take on more debt or grow less.
- Setting aside tensions, Taiwan president offers aid to China after deadly quake — Taiwan President Tsai Ing-wen expressed condolences to China on Tuesday and offered her government’s help after an earthquake killed more than 100 people on the northern edge of the Qinghai-Tibetan plateau.
- China Sinochem buys rare Venezuelan oil cargo after U.S. suspends sanctions -sources — China’s Sinochem Corp has bought a million barrels of Venezuelan crude oil for arrival in December, a rare purchase as the state oil and chemicals group capitalises on Washington’s suspension of sanctions on the South American producer.
Other Publications
- Overseas Development Institute: Hedging belts, de-risking roads: Sinosure in China’s overseas finance and the evolving international response — Sinosure’s provision of state-backed credit risk insurance has played a less visible, but pivotal role in the Belt and Road Initiative.
- Foreign Affairs: Who gets to tell China’s story? — The underground Chinese historians challenging the CCP’s misuse of history. By Ian Johnson
- CNN: How online scam warlords have made China start to lose patience with Myanmar’s junta — Beijing has pressed Myanmar’s military government to rein in the scam operations with little success.
- Al Jazeera: How Beijing is changing the way it involves itself in Taiwan’s election — Beijing is running a multi-pronged campaign to try and keep the ruling DPP from re-election in Taiwan.
